FINANCIAL INSTRUMENTS

Financial instruments include cash; evidence of ownership in an entity; or a contract that imposes an obligation on one party and conveys a right to a second party to deliver/receive cash or another financial instrument.

A) Cash and Equivalents

Cash and equivalents include cash, term deposits, treasury bills and money market funds with original maturities of less than 90 days. Cash and equivalents also include $317 million cash that is held in subsidiaries that have regulatory regulations or contractual restrictions, or operate in countries where exchange controls and other legal restrictions apply and are therefore not available for general use by the Company.

B) Debt¹



	As at June 30, 2018			As at December 31, 2017
4.4%/5.7% notes^2,9		$1,469			$1,468
3.85%/5.25% notes	1,079			1,079
5.80% notes^3,9	395			395
6.35% notes^4,9	594			593
Other fixed-rate notes^5,9	1,326			1,326
Capital leases⁶	31			46
Other debt obligations	599			603
5.75% notes^7,9	842			842
Acacia credit facility⁸	57			71
		$6,392			$6,423
Less: current portion¹⁰	(680		)	(59		)
		$5,712			$6,364


¹	The agreements that govern our long-term debt each contain various provisions which are not summarized herein. These provisions allow Barrick to, at its option, redeem indebtedness prior to maturity at specified prices and also may permit redemption of debt by Barrick upon the occurrence of certain specified changes in tax legislation.


²	Consists of $1.5 billion in conjunction with our wholly owned subsidiary Barrick North America Finance LLC (“BNAF”). This consists of $629 million of BNAF notes due 2021 and $850 million of BNAF notes due 2041.


³	Consists of $400 million of 5.80% notes which mature in 2034.


⁴	Consists of $600 million of 6.35% notes which mature in 2036.


⁵	Consists of $1.3 billion in conjunction with our wholly owned subsidiary BNAF and our wholly-owned subsidiary Barrick (PD) Australia Finance Pty Ltd. (“BPDAF”). This consists of $248 million of BPDAF notes due 2020, $250 million of BNAF notes due 2038 and $850 million of BPDAF notes due 2039.


⁶	Consists primarily of capital leases at Pascua-Lama of $11 million, and Lagunas Norte of $16 million (2017: $13 million and $27 million, respectively).


⁷	Consists of $850 million in conjunction with our wholly owned subsidiary BNAF.


⁸	Consists of an export credit backed term loan facility.


⁹	We provide an unconditional and irrevocable guarantee on all BNAF, BPDAF, Barrick Gold Finance Company (“BGFC”) and Barrick (HMC) Mining (“BHMC”) notes and generally provide such guarantees on all BNAF, BPDAF, BGFC and BHMC notes issued, which will rank equally with our other unsecured and unsubordinated obligations.


¹⁰	The current portion of long-term debt consists of $627 million (2017: $nil) of BNAF notes due 2021, other debt obligations of $4 million (2017: $4 million), capital leases of $21 million (2017: $27 million) and Acacia credit facility of $28 million (2017: $28 million).

On July 17, 2018, Barrick completed a make-whole repurchase of the approximately $629 million of outstanding principal on the 4.40% notes due 2021.